Lifetime mortgages in France

[diotima]

As I understand it, France has had legislation in place for a while now, to allow banks to offer lifetime mortgages as we have them in UK: a property is mortgaged to the bank without any repayments during the life of the mortgagee, the house is sold on death to repay the bank, the balance to the deceased's estate.

Are there actually any of these products available on the market? Or is it a question of buying your house first then approaching a broker to see if there's anything suitable available, and if you're lucky you get an offer discreetly delivered in a plain brown paper envelope?

I have no dependants or anyone else I care to leave anything to, and darn well want to enjoy what I have while I'm here. I'd be able to pay cash for a little retirement pad but would want to remortgage to get the maximum income possible. My UK house is worth >£300,000.

Does anyone have any info on this, or could point me in the right direction, please? I'm only looking for general information at this stage.

Thanks!

[Clair]

I think you're referring to the prêt viager hypothécaire

[quote]Prêt viager hypothécaire

Le prêt viager hypothécaire doit faciliter

l’accès des personnes âgées

au crédit bancaire. Il permet d'obtenir un prêt,

sous forme d'un capital ou de versements périodiques,

garanti par un bien immobilier à usage exclusif

d’habitation sachant que le prêt n’est

remboursé qu’au décès de l’emprunteur

par la vente de son bien.[/quote]

Some details here:

http://www.boursorama.com/patrimoine/information/detail-dossier.phtml?news=3655713

http://www.senioractu.com/Viager-hypothecaire-une-banque-espagnole-lance-ce-nouveau-produit-ciblant-les-seniors_a5383.html

http://www.lefigaro.fr/immobilier/20070604.FIG000000237_le_premier_viager_hypothecaire_arrive.html

I believe there may be age-related conditions (over 70?) linked to these.

[diotima]

Yes, that is the scheme, I'd forgotten the name of it. Thank you very much Clair, much appreciated :-)